Mesh, a modern embedded finance solution that seamlessly makes digital asset transfers and account aggregation, announced an investment from PayPal Ventures. This funding helps reinforce Mesh’s position as a leading player in embedded finance and highlights PayPal’s commitment to fostering innovation in the digital payments landscape.
PayPal Ventures’ investment was made almost entirely in PayPal USD (PYUSD) – an Ethereum-based stablecoin 100% backed by U.S. dollars, short-term U.S. treasuries and similar cash equivalents. This is the first time that PYUSD has been used as the funding instrument for a PayPal Ventures investment since PayPal launched it in August 2023. The PYUSD funds were transferred on chain with Mesh’s Application Programming Interfaces (APIs). This investment comes shortly after Mesh’s $22 million Series A funding round, backed by new investors, including Money Forward, Galaxy, and Samsung Next.
Mesh enables businesses to integrate seamless and secure crypto transfers and payments directly into their existing platforms, eliminating the need for users to switch between platforms. And Mesh was established in 2020 as an account aggregation platform and now has over 300 integrations with different exchanges, wallets and brokerages.
KEY QUOTES:
“We’re thrilled to have the backing of PayPal Ventures as we execute against our vision of becoming the connection layer for a critical mass of crypto platforms and financial service providers. PayPal has an incredible track record of moving the payments industry forward, so it’s no surprise they are at the forefront of stablecoin innovation and share our vision for the future of the industry.”
– Bam Azizi, Co-Founder and CEO of Mesh
“As the world of financial services undergoes rapid transformation, we believe that user ownership and portability of assets will become a critical building block of product innovation, with crypto serving as the first beachhead where this is possible. Mesh’s commitment to these principles, coupled with its innovative technology, makes them a clear leader in this dynamic landscape. We are confident that this investment will fuel Mesh’s growth and contribute significantly to the advancement of embedded finance and native stablecoins.”
– Amman Bhasin, Partner at PayPal Ventures
